Mumbai: BSE Sensex and NSE’s Nifty 50 closed flat on Tuesday after hitting record highs in early trade dragged by energy and PSU bank stocks. In global markets, stocks in Asia and Europe gained following Wall Street as strong corporate profits helped to defuse fears over US-China trade tensions. Oil prices rose with revived US sanctions against major crude exporter Iran expected to tighten global supply. The Trump administration moved to restore some US sanctions on Iran and reaffirmed plans to impose tougher penalties on the country’s oil sales in November. FIIs bought shares worth a net of Rs 248.709 crore on Monday, while DIIs purchased shares worth a net of Rs 218.64 crore, provisional data showed. Here are the highlights from the markets:

3.35 pm IST Closing bell: Sensex, Nifty close little changedBSE Sensex closed lower by 26.09 points, or 0.07%, to 37,665.80, while the Nifty 50 edged up 2.35 points, or 0.02%, to close at 11,389.45. In early trade, Sensex surged 184.98 points to an all-time high of 37876.87 and the Nifty 50 rose 41.85 points to a new high of 11,428.95.BSE MidCap and SmallCap declined 0.18% and 0.22%, respectively. Among the sectoral indices on BSE, consumer durables, metal, basic materials and auto led gains, while oil and gas, energy, telecom and industrials fell.Tata Steel, Titan, Asian Paints and Vedanta were among the top gainers, whereas Adani Ports, Coal India, HPCL and SBI were among the major losers.

3.11 pm IST Merck shares surge 16% on positive June-quarter resultsMerck Ltd shares surged 16.43% to Rs 2,448.65 after the company reported a net profit of Rs 483.1 crore for the quarter ended 30 June, compared to a profit of Rs 20.13 crore a year ago. Revenue from operations stood at Rs 220 crore in the quarter, compared to Rs 174 crore in the same period last year. Moreover, the Competition Commission of Indai has approved the acquisition of 51.8% stake by P&G in consumer health business of Merck.

3.00 pm IST Motherson Sumi shares fall 2% after Q1 earningsMotherson Sumi Systems Ltd shares dropped 2.37% to Rs 306.95. The company posted a 57% increase in its consolidated net profit at Rs 482 crore for the first quarter ended 30 June, compared to Rs 307 crore during the same period of last year. Revenue of the company grew by 24% to Rs 16,106 crore during the quarter, as compared to Rs 12,967 crore a year ago.

2.35 pm IST Sobha shares rise 5% after Q1 earningsSobha Ltd shares rose 5.20% to Rs 507.95. The company reported a consolidated profit of Rs 52.6 crore in the first quarter ended 30 June, compared to Rs 47.7 crore a year ago. Consolidated revenue from operations stood at Rs 598 crore in the quarter, down from Rs 679 crore in the same period last year. The company said total contractual and manufacturing order book as on 30 June was Rs 2440 crore.

2.10 pm IST CL Educate shares surge 15% after Q1 earningsCL Educate Ltd shares jumped as much as 15.07% to Rs 187 after the company reported a profit of Rs 4.84 crore in the June quarter, compared to Rs 3.18 crore a year ago. The company also declared a dividend of Rs 1 per share. Consolidated revenue from operations stood at Rs 87.14 crore in the quarter, compared to Rs 72.99 crore in the same period last year.

2.03 pm IST ASK Investment filed for IPOASK Investment Managers Ltd has filed documents for an initial public offering. The IPO includes a fresh issue of shares worth Rs 600 crore and sale of 13.6 million shares by selling shareholders. Moreover, promoters will sell 4.4 million shares. JM Financial, Axis Capital, Citigroup Global Markets India were among the book running managers for the IPO.

1.57 pm IST Sanghi Industries shares drop as profit falls in Q1Sanghi Industries Ltd shares plunged 4.22% to Rs 88.60 after the company reported a profit of Rs 19.89 crore in the quarter ended 30 June, compared to a profit of Rs 31.6 crore a year ago. Revenue from operations stood at Rs 275 crore in the quarter, compared to Rs 313 crore in the same period a year ago.

1.50 pm IST Mahindra Q1 profit surges 63% on robust sales, beats estimatesMahindra and Mahindra Ltd reported a better-than-expected 63% surge in first-quarter profit on Tuesday, underpinned by robust sales. Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers Ltd, stood at ₹ 1221 crore for the quarter ended 30 June, compared with ₹ 749 crore a year earlier. Analysts on average expected a quarterly profit of ₹ 1174 crore, according to Thomson Reuters I/B/E/S. Revenue from operations grew over 9% to ₹ 135.20 crore. Read more

1.05 pm IST PNB shares down 2% after Q1 resultsPunjab National Bank shares fell as much as 3.88% to Rs 86.65 after the bank reported its second consecutive quarter of loss as the country’s second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year. Net loss was ₹ 940 crore for the three months to 30 June, compared with a profit of ₹ 343 crore a year earlier, the bank said in a statement. That compared with an estimated average loss of ₹ 2,418 crore based on the views of 15 analysts compiled by Thomson Reuters I/B/E/S.

12.30 pm IST Suven Life gets patent approvals from Mexico, NZSuven Life Sciences Ltd said that it has received a product patent from each Mexico and New Zealand corresponding to new chemical entities for the treatment of disorders associated with Neurodegenerative diseases. Suven Life shares traded 1.07% up at Rs 227.50

12.00 pm IST Cipla gets drug approval from USFDACipla Ltd announced that it has received final approval from the USFDA for its abbreviated new drug application for Diclofenac Sodium topical gel, the AB-rated generic therapeutic equivalent to the reference listed drug, Voltaren gel of GlaxoSmithKline Consumer Health. Cipla shares were down 1.11% at Rs 630.

11.27 am IST Sensex, Nifty trade lowerBSE Sensex traded lower by 77.59 points, or 0.20%, to 37,614.30, while the Nifty 50 fell 14.30 points, or 0.13%, to 11,372.80. In early trade, Sensex surged 184.98 points to an all-time high of 37876.87 and the Nifty 50 rose 41.85 points to a new high of 11,428.95.BSE MidCap and SmallCap fell 0.59% and 0.51%, respectively. Sixteen out of 19 sectoral indices traded lower with energy, oil and gas, utilities and telecom losing most.Yes Bank, Asian Paints, Vedanta, Infosys and Hindalco were among the top gainers, whereas Adani Ports, Coal India, Cipla, Reliance Industries and Bharti Airtel were among the major losers.

11.13 am IST What HDFC AMC stock’s blockbuster listing says about Indian marketsThe surge in HDFC AMC share price indicates a terrible shortage of quality stocks in the Indian markets.

The surge in HDFC AMC share price indicates a terrible shortage of quality stocks in the Indian markets, writes mobis_philipose https://t.co/Ys04Gw7kuX

10.30 am IST Adani Power shares down 9% as net loss widensAdani Power Ltd fell 9% to Rs 30.10. Net loss at Adani Power doubled to Rs 825.15 crore during April-June against Rs 45.84 crore a year ago, the company informed the stock exchanges on Monday. Revenues came in lower at Rs 3,959 crore against Rs 5,601 crore, mainly due to lower generation. Lower availability of domestic coal at Tiroda and Kawai plans as well as commercial shutdowns due to high import prices brought down the average plant load factor by 38% during the period.

10.13 am IST Eros shares jump 7% after RIL stake purchaseEros International Media Ltd shares rose 7.08% to Rs 133.05 after the company said in a notice to BSE that Reliance Industries has completed taking 5% stake following customary approval processes. Reliance Industries (RIL) is setting up its own production house to create original web series and short films for subscribers of its telecom unit Reliance Jio Infocomm Ltd, as it seeks to maintain an edge over competing offerings, reported Mint in July.

9.57 am IST Avanti Feeds shares plunge 9% as Q1 profit declinesAvanti Feeds Ltd’s shares fell 9% to Rs 491.80 after after the company reported a profit of Rs 82.43 crore in June quarter, down 44% from a year ago.

9.42 am IST HDFC AMC shares trade flat a day after stellar debutHDFC AMC shares traded 0.27% lower at Rs 1,810.30. The stock hit a high of Rs 1833 and a low of 1802.25. In its stock market debut, the HDFC AMC stock opened at Rs 1,739 per share, up 58.09% from to the issue price of Rs 1,100. HDFC AMC shares surged to Rs 1,844 at the day’s high on NSE, before closing at Rs 1,815, up 65% from the issue price.Read:HDFC AMC shares gain 65% on Day 1, what you should do

9.30 am IST Adani Ports shares down 2% after Q1 resultsShares of Adani Ports and Special Economic Zone Ltd fell 1.7% to Rs 391 after lower than expected earnings. The company reported a 9% decline in consolidated profit to Rs 697.40 crore for the first quarter ended 30 June, compared to Rs 767.52 crore in same period last year. The company’s consolidated income also decreased to ₹2,703.86 crore during quarter under review, from ₹2,959.63 crore in the year-ago period.

9.25 am IST ICICI Bank shares fall 1%Shares of ICICI Bank fell 1% to Rs 312.40 after Mint reported that the management wrote off unsecured portions of doubtful corporate loans totalling ₹5,000-5,600 crore for fiscal year 2016-17. The change in accounting policy that enabled these “technical write-offs” was cleared by the bank’s board only in the new financial year, and never communicated to shareholders, as required by banking and market regulators. Read more

9.20 am IST Sensex, Nifty hit fresh record highsBSE Sensex traded higher by 53.40 points, or 0.14%, to 37,745.29, while the Nifty 50 rose 26.95 points, or 0.24%, to 11,414.05. In early trade, Sensex surged 184.98 points to an all-time high of 37876.87 and the Nifty 50 rose 41.85 points to a new high of 11,428.95.

9.10 am IST Rupee opens marginally lower against US dollarThe Indian rupee was trading marginally weaker against US dollar amid continued trade war concern and political uncertainty in UK. At 9.10am, the rupee was trading at 68.92 a dollar, down 0.05% from its previous close of 68.89. The currency opened at 68.91 a dollar. The 10-year bond yield stood at 7.765%, from its Monday’s close of 7.767%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 7.3%, while foreign investors have sold $475.50 million and $5.67 billion in equity and debt markets, respectively.

9.05 am IST Opening bell: Cues to look out for before trading today■ Asian markets are little changed in morning trade. Overnight US stocks closed with gains, helped healthy corporate earnings. S&P 500 gained 0.35% to 2,850.■ Hindustan Unilever has agreed to buy Karnataka based ice-cream brand Adityaa from Vijaykant Dairy and Food Products Limited (VDFPL) for an undisclosed amount, reports The Economic Times.■ Britannia Industries Ltd announced a proposal to issue non-convertible debentures as bonus in the ratio of one debenture for every share held. The board will also consider a sub-division of stocks later.■ The government is considering selling at least 5% stake in Coal India this fiscal year, reports Business Standard.■ Jet Airways plans to wet lease seven ATR-72 planes to TruJet to cut down on costs, reports Business Standard. Under a wet lease, a lessor provides pilots, maintenance, cabin crew and aircraft to a lessee, the report says.■ International Finance Corp. (IFC), a member of the World Bank Group, will invest $25 million in Mahindra Rural Housing Finance Ltd. IFC said the funds will be utilizes to offer small home loans.■ Jain Farm Fresh Foods Ltd, the agri-food unit of Jain Irrigation Systems Ltd, is seeking $1 billion valuation for its proposed initial public offering (IPO).■ Suzuki Motor Corp. is likely to supply as many as 25,000 Maruti Suzuki Baleno premium hatchbacks each year to Toyota Motor Corp. as the car gets set to become the first cross-badged product of the auto makers, reports Mint.■ Earnings today: It will be a results heavy day. GSK Consumer Healthcare Ltd, Mahindra & Mahindra Ltd, Punjab National Bank Ltd, Sobha Ltd and TVS Motor Co Ltd are some of the companies that will release their earnings for the June quarter today.(R. Sree Ram/Mint)